True Value said it has filed motions with the bankruptcy court to continue paying wages and benefits to its employees, as well as offer support programs for customers. The company aims to complete its sale to Do it Best by year-end. True Value serves more than 4,500 stores worldwide with total retail sales of $10 billion, according to the company.

Long-time hardware retailer True Value announced Monday it has filed for Chapter 11 bankruptcy and is entertaining a bid to sell its assets to competitor Do it Best.

A successful acquisition of True Value assets would represent a strategic milestone for Do it Best and home improvement retailers around the world,” said Dan Starr, Do it Bes

True Value, a 75-year-old hardware retail brand, has filed for bankruptcy and plans to sell itself to an industry rival Do it Best Corp.